# The Private Real Estate Lender: companion files

Julian R. Sterling

## What is here

- **Private_Real_Estate_Lender_Model.xlsx**: the workbook that rebuilds the Calder Ridge case and reproduces the figures of the book with live formulas. Sheets: Read Me, Inputs, Loan Sizing, Lender Yield, Capital Stack, Leverage, Workout, Fund II, Checks.
- **Private_Real_Estate_Lender_Toolkit.docx**: the checklists and outlines of Appendix B (loan screening questions, underwriting checklist, sponsor diligence checklist, term sheet outline, credit memo outline, draw request checklist, watch list triggers, workout decision checklist), in editable form.

## Which sheet answers which chapter

- Chapter 5: Capital Stack (the Dunmore development, attachment and detachment points)
- Chapter 6: Loan Sizing (Mercer Street, the four tests and the one that binds)
- Chapter 8: Lender Yield (Mercer Street cash flows and the lender IRR against the coupon)
- Chapters 3, 10 and 11: Leverage (one senior loan unlevered, on repo and in a CRE CLO; the SOFR sensitivity; the Fund II book)
- Chapters 10 and 14: Workout (Linden Street, the margin call, the three options and the loss)
- Chapter 12: Fund II (calls, income, fees, expenses, the workout loss, carry, gross and net IRR and multiple)

## Two inputs to change first

1. On Inputs, change the repo advance rate: watch the levered return on equity on the Leverage sheet.
2. On Inputs, raise SOFR by one point: see why floating assets on floating liabilities still move the equity return. Reset the inputs afterwards: the Checks sheet compares the workbook with the figures printed in the book.

Blue type on a light blue background is an input, black type a formula. No macro, no circular reference, no external link. The Checks sheet should read ALL CHECKS OK on the default inputs.

Calder Ridge Capital, its funds, the loans, properties and sponsors are fictional; the model is annual and simplified, with a flat SOFR; all case figures are illustrative assumptions, not market data or forecasts. Provided as is, without warranty. Not investment, legal, tax or accounting advice.